Odds are you have probably heard my colleagues or me talk in length about the insurance talent crisis. You have likely also heard us discuss the importance of upgrading salaries, culture and more in order to recruit and retain top talent. Were you listening? And more importantly, have you pivoted your strategies as a result?
Follow along as I debunk eight popular insurance talent myths. Then take action to gain an upper hand in securing the best talent.
MYTH: Let’s wait until more candidates apply for our position.
Stop waiting for purple unicorns to submit their resumes. Even if your organization may be the respectable industry leader everyone is dying to work for, you should not wait even a second to hire the right candidates when you find them.
MYTH: We don’t need to make a quick hiring decision on a passive candidate.
Why do you think it’s safe to wait? Remember how you came across that candidate. Think about how much you enjoyed talking to him or her during the interview. Is it realistic to think your competitors have not done the same? What are you waiting for?
MYTH: Company culture trumps salary.
Company culture is certainly important, but it doesn’t pay the bills. Culture is not going to make a dent when candidates need to pay tuition for their children, the mortgage for their three-bedroom condos or the lease on their sedans. Be ready to pay the right price for the right candidate.
MYTH: We can pay a candidate a lower base salary because the cost-of-living is lower here.
Who would want to take a step backwards? Lower cost of living is a perk, so why would they accept less than what they are making now? Relocating for a lower base salary is arguably the easiest way for a professional to negatively influence his or her earning potential.
MYTH: Counteroffers are rarely successful.
Research does show half of those who accept counteroffers from their current employers still leave within 24 months. But that is not going to help your hiring efforts. Counteroffers significantly disrupt your recruiting efforts, forcing you to start your search all over again. Don’t be offended when a candidate you want to hire receives a counteroffer. Hiring is competitive, so be prepared to reasonably negotiate.
MYTH: We are open to relocation for the right candidate.
Not many candidates today feel the same way you do. With advances in technology, people simply don’t have to relocate to find a great job anymore. They can work from home for the same opportunity, so why move?
MYTH: We don’t need to hire job hoppers.
Surely a resume filled with five to six two-year-long tenures does not look good on paper, but hear them out before jumping to conclusions. A person’s job-hopping history may mean the person has an impeccable combination of skills and experience. Or, the candidate may have left for personal reasons, like a loss in the family.
MYTH: Millennials are disloyal and self-entitled.
“Disloyal” and “self-entitled” inversely mean Millennials are self-confident, ready-made professionals. How is that a bad thing? Isn’t this what you ultimately look for in your search for talent? Don’t disparage Millennials as sour grapes.